497

Filed Pursuant to Rule 497(e)

1933 Act File No. 333-17391

1940 Act File No. 811-07959

EXPLANATORY NOTE

On behalf of Advisors Series Trust and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are XBRL exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information contained in a supplement to the Prospectus dated July 29, 2012, for the Teberg Fund, filed pursuant to Rule 497(e) on December 19, 2012.  The purpose of this filing is to submit the XBRL exhibits for the risk/return summary provided in the 497(e) filing (Accession Number 0000894189-12-006885).

The XBRL exhibits attached hereto consist of the following:

EXHIBIT LIST

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

XML

The Teberg Fund (Prospectus Summary): | The Teberg Fund

THE TEBERG FUND  

December 19, 2012

THE TEBERG FUND

A series of Advisors Series Trust (the “Trust”)

Supplement to the Prospectus

and Statement of Additional Information (“SAI”)

Dated July 29, 2012

·     Effective December 20, 2012, the Fund’s expense cap on net annual fund operating expenses will be reduced from 2.50% to 1.75% of the Fund’s average daily net assets, excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses.  This contractual reduction will be in effect for a minimum term of one year and any future increase requires the prior approval of the Trust’s Board of Trustees and notice to shareholders.

In connection with this reduction, the “Fees and Expenses of the Fund” section on page 1 of the Prospectus is hereby deleted and replaced with the following:

Fees and Expenses of the Fund  

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)  

Shareholder Fees	Investor Class The Teberg Fund
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Redemption Fee (as a percentage of amount redeemed)	none

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)  

Annual Fund Operating Expenses		Investor Class The Teberg Fund
Management Fees		1.50%
Distribution (Rule 12b-1) Fees	[1]	none
Other Expenses	[2]	0.55%
Subtotal Annual Fund Operating Expenses		2.05%
Acquired Fund Fees and Expenses		0.67%
Total Annual Fund Operating Expenses	[3]	2.72%
Less: Fee Waiver and Expense Reimbursement	[4]	(0.34%)
Net Annual Fund Operating Expenses		2.38%

Example.  

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Investor Class The Teberg Fund	241	812	1,410	3,026

Portfolio Turnover.

The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 224.14% of the average value of its portfolio.

Please retain this Supplement with your Prospectus.

[1] While the Fund has adopted a Rule 12b-1 Distribution Plan which authorizes the payment of up to 0.25% of the Fund’s average daily net assets for distribution and servicing activities, the Fund has determined not to pay any Rule 12b-1 fees through at least July 28, 2014.

[2] Other Expenses have been restated to reflect current fees as if they had been in effect during the previous fiscal year.

[3] The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Waiver provided in the Financial Highlights section of the statutory prospectus, which reflects the current operating expenses of the Fund and does not include Acquired Fund Fees and Expenses (“AFFE”).

[4] First Associated Investment Advisors, Inc. (the “Advisor”) has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.75% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will remain in effect through at least July 28, 2014, and may be terminated only by the Trust’s Board of Trustees. The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap. Additionally, the Advisor has contractually agreed to reduce its management fee in the amount of any Rule 12b-1 fees received from transactions involving the Fund. The Advisor will pay to the Fund the amount of any such Rule 12b-1 fees and for the fiscal year ended March 31, 2012, this amounted to 0.04%. This management fee reduction will remain in effect at least through July 28, 2022, and may be terminated only with the consent of the Fund’s Board of Trustees.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Prospectus Date

rr_ProspectusDate

Jul. 29, 2012

The Teberg Fund (Prospectus Summary): | The Teberg Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return, Heading

rr_RiskReturnHeading

THE TEBERG FUND  

Supplement Text

ck0001027596_SupplementTextBlock

December 19, 2012

THE TEBERG FUND

A series of Advisors Series Trust (the “Trust”)

Supplement to the Prospectus

and Statement of Additional Information (“SAI”)

Dated July 29, 2012

·     Effective December 20, 2012, the Fund’s expense cap on net annual fund operating expenses will be reduced from 2.50% to 1.75% of the Fund’s average daily net assets, excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses.  This contractual reduction will be in effect for a minimum term of one year and any future increase requires the prior approval of the Trust’s Board of Trustees and notice to shareholders.

In connection with this reduction, the “Fees and Expenses of the Fund” section on page 1 of the Prospectus is hereby deleted and replaced with the following:

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

224.14%

Expense, Heading

rr_ExpenseHeading

Fees and Expenses of the Fund  

Expense, Narrative

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees, Caption

rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)  

Operating Expenses, Caption

rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)  

Expense Example, Heading

rr_ExpenseExampleHeading

Example.  

Expense Example, Narrative

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  

Expense Example, By Year, Caption

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover, Heading

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 224.14% of the average value of its portfolio.

Supplement Closing

ck0001027596_SupplementClosingTextBlock

Please retain this Supplement with your Prospectus.

The Teberg Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Trading Symbol

dei_TradingSymbol

TEBRX

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Redemption Fee (as a percentage of amount redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

1.50%

Distribution (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

^[1]

Other Expenses

rr_Component1OtherExpensesOverAssets

0.55%

^[2]

Subtotal Annual Fund Operating Expenses

rr_OtherExpensesOverAssets

2.05%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.67%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.72%

^[3]

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.34%)

^[4]

Net Annual Fund Operating Expenses

rr_NetExpensesOverAssets

2.38%

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

241

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

812

Expense Example, With Redemption, 5 Years

rr_ExpenseExampleYear05

1,410

Expense Example, With Redemption, 10 Years

rr_ExpenseExampleYear10

3,026

[1] While the Fund has adopted a Rule 12b-1 Distribution Plan which authorizes the payment of up to 0.25% of the Fund’s average daily net assets for distribution and servicing activities, the Fund has determined not to pay any Rule 12b-1 fees through at least July 28, 2014.

[2] Other Expenses have been restated to reflect current fees as if they had been in effect during the previous fiscal year.

[3] The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Waiver provided in the Financial Highlights section of the statutory prospectus, which reflects the current operating expenses of the Fund and does not include Acquired Fund Fees and Expenses (“AFFE”).

[4] First Associated Investment Advisors, Inc. (the “Advisor”) has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.75% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will remain in effect through at least July 28, 2014, and may be terminated only by the Trust’s Board of Trustees. The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap. Additionally, the Advisor has contractually agreed to reduce its management fee in the amount of any Rule 12b-1 fees received from transactions involving the Fund. The Advisor will pay to the Fund the amount of any such Rule 12b-1 fees and for the fiscal year ended March 31, 2012, this amounted to 0.04%. This management fee reduction will remain in effect at least through July 28, 2022, and may be terminated only with the consent of the Fund’s Board of Trustees.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	Other
Document Period End Date	dei_DocumentPeriodEndDate	Dec. 19, 2012
Registrant Name	dei_EntityRegistrantName	ADVISORS SERIES TRUST
Central Index Key	dei_EntityCentralIndexKey	0001027596
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Dec. 19, 2012
Document Effective Date	dei_DocumentEffectiveDate	Dec. 19, 2012
Prospectus Date	rr_ProspectusDate	Jul. 29, 2012